Exxon Mobil posts biggest US quarterly profit ever

http://biz.yahoo.com/ap/081030/earns_exxon_mobil.html

Exxon Mobil posts biggest US quarterly profit ever
Thursday October 30, 12:23 pm ET
By John Porretto, AP Business Writer
Exxon Mobil shatters own record for largest profit from operations by a US corporation

HOUSTON (AP) -- Exxon Mobil Corp., the world's largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.

Yet numbers contained within the company's most recent financial report revealed production numbers that continue to sag, and shares slipped 3 percent in midday trading.

Yup. Oil companies need more tax breaks.

floridafun wrote:

John McCain is going to give them $4Billion more next year if he is elected. Drill Baby Drill

Their profits went up by 58% in Q3.

Canuck wrote:Their profits went up by 58% in Q3.

I guess they have some smart people in upper management then. Too bad some of our lending institutions didn't have the same type of employees.

Markwes wrote:

Canuck wrote:Their profits went up by 58% in Q3.

I guess they have some smart people in upper management then. Too bad some of our lending institutions didn't have the same type of employees.

It takes smart people to gouge the consumer?

Bman wrote:

Markwes wrote:

Canuck wrote:Their profits went up by 58% in Q3.

I guess they have some smart people in upper management then. Too bad some of our lending institutions didn't have the same type of employees.

It takes smart people to gouge the consumer?

They are apparently smarter than the taxpayers, who have done little to nothing to stop the thievery.

Bman wrote:

Markwes wrote:

Canuck wrote:Their profits went up by 58% in Q3.

I guess they have some smart people in upper management then. Too bad some of our lending institutions didn't have the same type of employees.

It takes smart people to gouge the consumer?

The simplest economic model says if you are in charge of setting prices for a company, you set it at the level where profits are maximized. If you were a bigwig in Exxon and didn't try to make the most for your shareholders, you're not doing your job. You call it gouging the consumer, I call it a well-oiled machine (no pun intended). Do you think they will just raise prices based on the fact that they want more profits? I'm sure you realize that doesn't work as everyone will just flock to your competitors.

Secondly, profits are not all about price. Walmart is known for being cheaper than other places and yet they post huge profits. Would you say that the mom and pop shops that Walmart drove out of business were gouging the consumer by keeping prices higher?

Jugomugo wrote:They are apparently smarter than the taxpayers, who have done little to nothing to stop the thievery.

I disagree to an extent. How many millions of miles LESS did U.S. travelers go this year? How many traded in their gas-guzzling SUVs for something more gas-effiicient? BTW, that's how I sold my mini-van this year. The guy wanted something that got better gas-mileage than his Dodge Truck with the hemi engine. I saw reports that car dealers couldn't get hybrids on the lot fast enough. Even for the first time in my life, I saw motor scooters, yes motor scooters, for sale at used car lots. Sure more could be done. But I'd say a lot more has been done than just a "little."

The trick now is to see what will happen to driving habits/car sales now that gas prices have eased considerably. HOPEFULLY the gas price decrease will last a while, but some habits die hard, and they could shoot right back up IF people are driving/buying more gas guzzlers again.

good comments mort--i will email obama right away and ask him to let you be his cenergy tzar

really i think we really need to make a swift break from fossil fuels..the sooner the better. its a start!